Middle Island Resources Limited has updated its corporate governance policies, including codes of conduct, whistleblower policies, and induction programs for new directors.
Material actions and disclosures
The company has disclosed its values and formulated a general Code of Conduct and Code of Conduct for Directors and Executives, which all employees and directors are expected to follow. The company also has a Whistleblower Policy in place, with the Audit Committee responsible for implementing it.
The company has a program for inducting new directors and providing professional development opportunities to maintain the skills and knowledge needed to perform their role effectively. The induction and professional development form part of the responsibilities of the full Board as part of the role as carrying out the nomination committee duties.
The company has not adopted a formal anti-bribery and corruption policy, given the company’s personnel is limited to the Directors, CEO, Company Secretary/CFO, and a part-time staff member. The development and disclosure of a formal policy has been deferred until such time as the Directors deem the company’s size and stage of development warrants it.
The company has established a Continuous Disclosure Policy to verify the integrity of any periodic corporate report it releases to the market that is not audited or reviewed by an external auditor.
The company does not have an internal audit function, and the responsibility for undertaking and assessing risk management and internal control effectiveness is assumed by the full Board.
The company considers that it does not have any material exposure to environmental or social risks. It has an Environmental Policy designed to prevent and mitigate negative environmental impacts caused by exploration activities and to prevent or minimise adverse impacts of its operations on host communities.